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‘Fuel Marking Program’ yields P171.72B for gov’t

THE volume of oil-based products being ‘marked’ by the government thru its ‘Fuel Marking Program’ (FMP) continues to increase, thereby contributing to the increase in its revenues.

In a statement last week, the Bureau of Customs (BOC) said that from September 4, 2019 to December 31, 2020, 17.55 billion liters of fuel were subjected to marking that, in turn, generated P147.78 billion in customs duties and P23.94 billion in taxes collected by its partner in the program, the Bureau of Internal Revenue (BIR).

For 2020 alone, 15.69 billion liters of fuel were marked equivalent to P109.36 billion and P21.81 billion duties and taxes collected by BOC and BIR, the statement added.

In 2017 and 2018, total volume declarations were 7.75 billion liters and 6.31 billion liters, respectively equivalent to duties and taxes collected of P26.88 billion and P39.79 billion.

In 2019, total volume declaration was at 11.16 billion liters or an increase of 77 percent from the previous year. This is equivalent to P111.18 billion or an increase of 179 percent of duties and taxes collected for the government.

The FMP aims to generate more revenues for the government thru the proper monitoring of the country’s oil imports. The program is being undertaken in partnership with SGS Philippines and SICPA-SA.

Diesel comprises 61.54 percent of the total volume marked, followed by gasoline with 37.93 percent and, kerosene with 0.53 percent.

As to location, 74.08 percent of the marking was in Luzon, 20.92 percent in Mindanao and five percent in Visayas.

Since the first actual marking last 4 September 2019, twenty-two (22) oil firms are now included in the program.

Petron Corp. remains with the highest marked volume with 4.03 billion liters of fuel marked, followed by Pilipinas Shell Petroleum Corp. with 3.49 billion liters;

Unioil Petroleum Philippines, Inc. with 1.84 billion liters, Seaoil Philippines, Inc. with 1.44 billion liters and, Chevron Philippines, Inc. with 1.36 billion liters.

Other participating companies are, Phoenix Petroleum, Insular Oil, Total, Filoil, Jetti, PTT, Marubeni, Micro Dragon, Warbucks, Golden Share, High Glory Subic, ERA1, SL Harbor, Jadelink, SL Gas, Powerfill and Petrotrade.

For 2021, the BOC and the BIR gears up for the implementation of the ‘field testing phase’ of the program wherein diesel, gasoline and kerosene found in retail stations, tank trucks, vessels, depots and warehouses shall be tested for compliance under the FMP.

Publication Source :    People's Tonight